Hello and welcome to this edition of the Proof of Intel (PoI) Newsletter, where we dive deep into the whirlpool of Web3 with a twist of humor and a dash of Mochi's insight! 🍨🌐

In today's tech-tantalizing issue, we're unpacking stories that range from the intriguing to the downright quirky in the crypto universe. From the extradition of alleged crypto fraudsters to OpenSea's openness to acquisitions, we're covering the big waves in the industry. We'll also marvel at a Bitcoin-based digital art piece selling for a small fortune at Sotheby's and chuckle at the unexpected "enjoyable" prison experience of a crypto founder.

Strap in for a rollercoaster ride through the highs and lows of the Web3 world, all served up with a side of Mochi's wit and wisdom! 🎢 👓

INTEL BRIEF
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🟧 OpenSea CEO Devin Finzer is open to potential acquisitions, including OpenSea itself, amidst challenging times in the NFT market and increased competition from platforms like Blur.

🟧 "Genesis Cat," a digital art piece from the Taproot Wizards' Quantum Cats collection, sold for $254,000 at a Sotheby's auction. This sale highlights the surging popularity of NFT-like creations on the Bitcoin blockchain's Ordinals protocol.

🟧 The founders of an alleged $575 million crypto fraud, Sergei Potapenko and Ivan Turõgin, are set to be extradited from Estonia to the US. They face charges related to a cryptocurrency fraud and money laundering scheme involving their companies HashFlare and Polybius Bank.

🟧 Zhu Su, co-founder of the failed crypto hedge fund Three Arrows Capital, described his three-month imprisonment in Singapore for noncooperation with liquidators as unexpectedly enjoyable. He cited good sleep, a chance to catch up on reading, and a sense of kinship with ancestors as positives from the experience.

🌊 🖼️ OpenSea Navigates NFT Waters: Acquisition Ahoy?

OpenSea, once the titan of the NFT world, is now dipping its toes in the waters of potential acquisitions. Devin Finzer, OpenSea's captain... I mean, CEO, has his eyes on the horizon for the right partnership. Could this be a sea change for the NFT marketplace?

OpenSea's voyage hasn't been smooth sailing lately. With a whopping 96% plunge in monthly trading volume since January 2022 (down to a modest $171 million), it's no wonder they're sending out SOS signals. And then there's Blur, the new NFT kid on the block, which has swiftly sailed past OpenSea with its savvy use of airdrops and a daily trading volume five times greater.

X users have been having a field day with OpenSea's current situation. From clever memes to lighthearted jokes, the community is showcasing its unique blend of humor and insight, making light of the challenges and changes facing one of the largest NFT marketplaces.

But Finzer isn't walking the plank just yet. He's focused on building a safe harbor for users, keeping OpenSea free of fraudulent or problematic collections. Remember, dear readers, in the choppy waters of NFTs, it's not just about the catch but also the quality of the net.

The big fish in venture capital who backed OpenSea, like Andreessen Horowitz and Ashton Kutcher, might be eyeing this potential acquisition with interest. After all, who wouldn't want a piece of the Bored Ape Yacht Club and Pudgy Penguins fame?

🐱 🎨  'Genesis Cat': Purring Its Way to a $254K Sale at Sotheby's!

The 'Genesis Cat,' a stunning piece from the Quantum Cats collection by Taproot Wizards, has just fetched a whopping $254,000 at Sotheby's. No kitten around, this sale marks a significant moment in the digital art world.

This one-of-a-kind piece, part of the Bitcoin blockchain's Ordinals protocol, soared beyond its expected price of $15,000-$20,000. It seems like digital art collectors are really feline this new trend! With Ordinals, Bitcoin is not just about financial transactions anymore; it's now a canvas for digital artists. Francisco "FAR" Alarcon, the artist behind 'Genesis Cat,' is purring all the way to the bank, thanks to this sale.

Interestingly, 'Genesis Cat' was just one of the 19 lots that collectively raked in about $1.1 million at the auction. Talk about a cat-tastic success! This event signifies a major leap for digital art on the Bitcoin blockchain, reminiscent of the NFT frenzy on Ethereum a few years back.

🕵️‍♂️ 🔗  Founders of Alleged $575 Million Crypto Fraud Facing Extradition

In the latest twist in crypto-drama, Estonia has decided to extradite two of its citizens, Sergei Potapenko and Ivan Turõgin, to the United States. Why, you ask? Well, these two are caught in a web of an alleged $575 million cryptocurrency fraud and money laundering scheme. Talk about a high-stakes crypto rollercoaster!

These founders of HashFlare and Polybius Bank, rather than mining Bitcoin, seem to have mined trouble! According to the US Department of Justice, they offered victims fraudulent equipment rental contracts and investment opportunities, but alas, dividends were as elusive as a unicorn in a blockchain. Over $575 million was invested by unsuspecting victims into these ventures.

Estonia, initially hesitant due to concerns over detention conditions in the US, has finally greenlit the extradition after ensuring all conditions are met. If our crypto-duo is found guilty, they're looking at a maximum sentence of 20 years each. This story is a stark reminder that in the Wild West of cryptocurrencies, it's not just fortunes that can be made and lost, but freedom too!

 🛌 🔗 Crypto Founder's 'Prison Paradise': Zhu Su's Unlikely Retreat!

Zhu Su, the co-founder of Three Arrows Capital, has an unusual take on his recent jail time in Singapore. Instead of the expected tale of hardship, Mr. Su recounts his incarceration as though he were reviewing a five-star hotel!

According to Mr. Su, prison was like a walk in the park – or should I say, a sleep in a cell? He claimed to have the best sleep of his life there, likening his experience to a detox retreat, sans internet, caffeine, and alcohol. Sleeping on the floor, he says, was akin to resting on a Japanese tatami mat, good for the spine and soul.

He even mused about a 'magical feeling' of kinship with his ancestors while in confinement. Quite the philosophical takeaway from someone who was serving time for not playing nice with liquidators after his firm's collapse.

His comments have stirred the pot online, with reactions ranging from admiration for his positive outlook to skepticism about the glamorization of prison life. One thing's for sure – Zhu Su's 'enjoyable' stint behind bars is not your typical jailbird story!

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And that's a wrap for this edition of Proof of Intel! Thank you for joining me, Mochi, on this delightful jaunt through the peaks and valleys of the Web3 landscape. We laughed, we gasped, and we even learned a thing or two. Remember, whether it's navigating the stormy seas of NFTs or pondering the philosophical musings of a crypto founder in a prison cell, there's never a dull moment in the world of tech and crypto.

Stay curious, stay informed, and most importantly, stay entertained. Until next time, keep your digital wallets close and your sense of humor closer! 🚀🍨✨

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

TL;DR: 🔻💯
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🟧 In the dynamic NFT market, OpenSea CEO Devin Finzer is open to the idea of acquisition, navigating through challenging times with a strategic mindset. Despite competition and a significant drop in trading volume, OpenSea remains afloat, focusing on user safety and quality in its offerings.

🟧 The sale of 'Genesis Cat' for $254,000 at Sotheby's is a landmark moment for digital art on the Bitcoin blockchain. This sale, part of the larger success of the Ordinals protocol, marks a significant shift in the perception and value of digital art, elevating Bitcoin beyond just financial transactions.

🟧 Sergei Potapenko and Ivan Turõgin, accused of a massive $575 million crypto fraud involving HashFlare and Polybius Bank, are being extradited from Estonia to the US. They face up to 20 years in prison if convicted in this high-profile case of crypto chicanery.

🟧 Zhu Su, after a stint in Singapore prison, surprisingly describes it as an enjoyable experience, complete with great sleep and a newfound ancestral connection. His unique perspective has sparked varied reactions online, making his time in confinement an unusual tale in the crypto world.